The Internet Computer Protocol is a blockchain project created by DFINITY, a Swiss-based technological organization. The main idea behind this plan is to decentralize and enable infinitely scalable smart contracts. In essence, it is focused on outcompeting big technology as an intermediary in Internet commerce. A massive but fascinating undertaking, the plan is not without its skeptics. Still, experts are optimistic. Let's take a look at the five key reasons you should be confident about the future of the Internet Computer.
1- It's a low-risk investment
Warren Buffett's most memorable quote states -
Be greedy when everyone is fearful and fearful when everyone is greedy.
This means one of the best times to buy is when values reach the place traders are generally wary of entering. ICP price dropped by around 90% from the all-time listing high, so many would consider the current pricing a discount.
At today's rates, it is a steal. The only way it can go is (hopefully) up, and when an APY of nearly 30% in staking for the first year is considered, it is hard to see how long-term holders can lose.
2- The entire crypto market has bottomed out
Almost all industry experts and big investors hope that the whole crypto market is at the bottom. From its high of $64,000, Bitcoin, similarly, has fallen to current prices of upper $40,000s. Recently, it has been revealed that several things have influenced this general decline—for example, mining issues and the crypto ban in China. Nonetheless, the mining industry worldwide is becoming more and more decentralized, and states like Iran, Kazakhstan, El Salvador, and the U.S. are now in a favorable position to exploit the economic advantages of the mining industry.
3- Satisfies a significant market need
Many crypto projects do not have tangible real-world utility. The Internet Computer has been created to satisfy the primary need of the market. The internet is structured in favor of large companies whose products are designed to be offered at scale. Consider, for example, public search engines. They have the right to decide which brands get the most attention and which deserve only the last page. As a result, the concentration of power is in the hands of a few rather than in the hands of the hundreds of millions of users who interact with these sites every day.
4- DFINITY has embraced the issue of decentralization
Earlier this year, critics voiced concerns about the Internet Computer and its fully decentralized model, citing that DFINITY was very much in control of the vote and that its proprietary software was closed. These difficulties became more pronounced amidst the despair of the bear market, which had the effect of sending the value of ICP even lower. However, since then, DFINITY has made clear that most voting power lies outside of the foundation, and they have abstained from critical votes until after the community has had its say, notably, with the Bitcoin smart contract integration recently.
5- There's a solid team behind it
The team behind any crypto project can make or break it. In the case of the Internet Computer, DFINITY brings together more than 200 of the best experts in everything from cryptography to security.
Conclusion
The Internet Computer Protocol is creating an ecosystem, and the network effect takes time to take shape. It is down by more than 90% and got a solid resistance in the 40s level. It is also worth noting that the more sprawling crypto market, similarly, appears to have reached the bottom after absorbing all the unfavorable press coming out of China.
- Disclaimer: The views and opinions expressed on this website are solely those of the original author and other contributors. These views and opinions do not necessarily represent those of the Dfinity Community staff and/or any/all contributors to this site.
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